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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe CEO of Kite Realty Group Trust last week sold 130,000 shares, or nearly a half-million-dollars worth, of the Indianapolis-based
real estate firm’s common stock.
A company spokesman described the $467,000 sale by John A. Kite as standard financial planning. Kite, 43, sold the shares
at an average of $3.59 per share.
Kite still owns 320,000 common shares and another 2.5 million “limited
partnership units,” which are convertible into common shares, the company reported in a Securities and Exchange Commission
filing.
The company, like most real estate investment trusts, has been selling new shares and renegotiating debt
to add to its liquidity while slowing down development.
The firm raised $88 million by selling almost 30 million
new shares in May, after selling 5 million shares to net $50 million in October 2008.
Shares in Kite were down
about 5 percent in morning trading, to $3.50 each.
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